"The clear message of all the respondents was that their outlook for our industry has improved tremendously," said Richard Mikes, TCP partner.
TCP, which specializes in transportation mergers and acquisitions, capital sourcing and advisory services, uses the quarterly survey to collect the insights and opinions of executives nationwide in order to report on the current state of the industry and future expectations. Over the last six quarters, carriers have become more confident that volumes will improve during the next 12 months.
"Carrier answers show a high level of optimism that is reflected in the general upward swing of the economy," said Lana Batts, managing partner for TCP. The firm says revenue, tons and miles are all increasing.
"In particular the supply demand dynamics have rapidly shifted to the truckers favor after the depressed years with current rates rising and expectations for better months ahead," said Mikes.
Of carriers with over $25 million in revenues, 94 percent indicated that rates will increase over the next year. Eighty percent of carriers making under $25 million had similar expectations. Fifty-three percent of the larger carriers experienced rate increases, while 33 percent of the smaller carriers reported increases.
Mikes and Batts directed the survey and analyzed the findings, coupling the results with conversations they hold with carriers and others in the industry.